Radio Netherlands Worldwide, 27 April 2010 - 11:59am
Following criticism of its handling of pension fund investments, the Dutch Pension Fund for the Transport Sector (PV) is breaking off its business relationship with Goldman Sachs bank.
The US stock exchange watchdog SEC recently accused Goldman Sachs of fraud involving mortgages. A senior banker at the firm, Lloyd Blankfein, is to appear before a US Senate committee on Tuesday. The committee has said it suspects Goldman Sachs of having aggravated the financial crisis by offering risky real estate investment products.
In a press statement, the Dutch fund merely says that Goldman Sachs' performance did not meet expectations. In the interim, Northern Trust has been appointed as fiduciary fund manager.
Pensions in the Netherlands are financed by the returns on huge investment funds. The funds are filled by monthly contributions from employees made during the course of their working lives.
Goldman Sach's head office in New York. (Photo Reuters)
Related Articles:
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.